汇率失调、汇率中性假定和策略汇率

在资本不完全流动的情形下,汇率不仅是体现一国内部经济均衡和外部经济均衡的政策目标,也是一国政府实现其他政治、经济目标的重要政策工具。本文通过考察政府如何以汇率失调为代价,实现政治、经济等战略目标,并以此为基础提出策略汇率的概念,以完善对汇率失调的理论描述和加深对汇率失调内在机制的理解。本文还建立了汇率博弈的政治经济学模型,运用博弈论阐明策略汇率是一个Nash均衡结果。

Strategic Exchange Rate Theory:Concept,Implication and Denotation

From deconstructing category of exchange rate basic concepts,this research paper focuses on the richness of exchange rate concept space,and conclusions indicate there is a new essential exchange rate concept-strategic exchange rate.A conceptual space of exchange rate system richness consist triple fundamental category-nominal exchange rate,real exchange rate and strategic exchange rate.A multiple equilibrium exchange rate system is deducted by a new combination of concepts,and strategic exchange rate is introduced by further research,which establishes Strategic Exchange Rate Theory by the concept,implication and denotation.Building strategic exchange rate equilibrium model,equilibrium condition of strategic exchange rate is Nashequilibrium,and a specific solution of strategic exchange rate is deduced underlying the Chimerica hypothesis.